California Federal Bank, the nation's fourth-largest thrift, has delayed its plans for a $700-million initial stock offering because of a review of the plan by regulators, thrift officials said Friday. The San Francisco-based thrift, 80% owned by financier Ronald Perelman, had planned to complete its stock offering by the end of February.

The U.S. attorney for Northern California charged 28 former bank employees from the San Francisco area with embezzlement of bank funds. U.S. Atty. Michael Yamaguchi said the charges are part of an ongoing program to deter theft and fraud within financial institutions in the San Francisco Bay Area. Jonathan Schmidt, a spokesman for Yamaguchi, said the 28 people charged had allegedly embezzled a total of $115,000 over a year or so.

California Federal Bank, moving to further expand its Southern California customer base, said Tuesday that it will take over certain branches and deposits from Empire Federal Savings of America. The Los Angeles-based thrift said it will acquire about $265 million in deposits from Empire, taking over three Southern California branches and assuming deposits from 10 others. Cal Fed will not acquire any loans from Empire in the deal, spokesman James F. Hurley said.

A mortgage company that won a $31.5-million verdict against California Federal Bank and its one-time Orange County building arm was awarded nearly $1.5 million more Friday in interest and court costs. Weyerhaeuser Mortgage Co. in Woodland Hills won the jury award in June after a trial on its fraud and civil racketeering lawsuit against Cal Fed, a Los Angeles savings and loan. The jury awarded $31.5 million on the fraud claim and $6.

Advertiser: California Federal Bank Agency: Richards/Gravelle, Dallas Challenge: Develop a brand campaign that aligns the thrift closely with Californians. The Ads: TV ads consist of a series of images tied together by CalFed's slogan, "You've got our attention." One ad shows a range of people--a black businesswoman, a female surfer, an elderly male swimmer and so on--as a voice-over by Winona Ryder notes that CalFed "celebrates the differences" among Californians.

Golden State Bancorp Inc.'s California Federal Bank asked a judge for more than $1.6 billion in damages in its "supervisory goodwill" lawsuit against the U.S. government. The damages request, which asks for more than many analysts and investors expected, could give a boost to other litigants seeking as much as $30 billion in 120 separate cases. The aggressive bid could also pave the way for other lawsuits.

California Federal Bank and its defunct Orange County home-building arm were hit with a $31-million fraud judgment Monday by jurors in a civil suit filed by Weyerhaeuser Mortgage Co. The jury also found two former Cal Fed presidents, William Callender and David J. Reed, and George R. Meeker, former president of its California Communities Inc. subsidiary, liable for civil racketeering.

Glendale Federal Bank and California Federal Bank, two of the best-known names in the California banking business, announced Thursday that they plan to merge as part of a $2.5-billion deal that would create the nation's third-largest savings and loan. The proposed deal reflects another in a wave of consolidations that is sweeping though the nation's banking industry.

A savings and loan became insolvent after lending President Bush's son Jeb and a partner about half the money toward purchase of a $9-million office building, and the federal government ended up repaying most of the loan, the New York Times reported. Although it involved no criminal behavior, the loan is an example of the kind of poor lending practices that led to the thrift industry's troubles, the newspaper said.